Islamic Wallet vs Magpie App

Islamic Wallet is the Shariah based Mobile Financial Services of Al-Arafah Islami Bank PLC. Islamic Wallet comply with the most rigorous security, compliance standards and all regulatory requirements. This wallet is also regulated by the Shariah Board to comply the Islamic rules. Islamic Wallet promises to provide the most innovative services that can be provided in Mobile Financial Services industry of Bangladesh. It is fast, secure and affordable way to send & receive money from anywhere at any time. In addition to ‘send and receive money’, it provides a total eco-system where people can derive the best use of money. This wallet will be considered as new and innovative payment system to cater all kinds of banking needs for ensuring the maximum convenience of customers specially those who do not have access to banking services Services offered by Islamic Wallet - Cash In, Cash Out, Person to Person (P2P) - Fund Transfer from Card and Bank Account. - QR enable Person-to-Business payments (P2B) such as utility bill payment, airtime top-up, insurance premiums, loan instalments, merchant payments etc. - Business-to-Person payments (B2P) such as payroll, commission disbursement, etc. - Government-to-Person (G2P) payments such as subsidies, freedom fighter allowances, social welfare payments, endowments, etc. - Ticketing Service - Tuition Fees Payment - Person-to-Government (P2G) payments such as government duties, taxes, fees, etc. Shariah Compliant Services - Daily activities must be accomplished under the Bank’s Shariah Guideline. - A hi-level Shariah Supervisory Council scrutinize the daily affairs on regularly. - Prohibition of Interest or Usury. Most importantly, the charging and the receiving of interest is strictly forbidden. - Ethical Standards. When Customers hold their money in wallet, it is our religious duty to make sure that what they utilize in is good and bad wholesome. - It goes with Moral and Social Values. Islamic Wallet Shares Profit with its Customer Islamic Wallet offers profits on customers’ Wallet Balances which complies with the Islami Shariah rules. Customers Money is Safe with Islamic Wallet Customers’ money is safe and secure with Islamic Wallet. To secure the customers money, the fund will be maintained only in Shariah Compliant Islamic sectors.

BASIC Bank Limited (Bangladesh Small Industries and Commerce Bank Limited) registered under the Companies Act 1913 on the 2nd of August, 1988, started its operations from the 21st of January ,1989. It is governed by the Banking Companies Act 1991. The Government of Bangladesh took over 100 percent ownership of the bank on 4th June 1992. Thus the Bank is state-owned. BASIC Bank introduces a mobile application named "Magpie" for banking transaction through the internet that enables customers of the BASIC Bank to conduct a range of financial transactions. Basic Services: 1. Registration through Account and Card 2. Password, PIN and fingerprint based login 3. Transaction history for account and card 4. Balance enquiry for account 5. BASIC Bank branch and ATM locations 6. On app feedback/complaints with screenshot attachment Transfers and Transactions: 1. Fund transfer from account and card 2. Credit card payment from account 3. Other bank fund transfer (BEFTN and RTGS) from account and card 4. Other bank credit card payment from account and card (BEFTN and RTGS) 5. Transfer to bKash and Nagad wallet from account and card 6. Airtime top-up from account and card 7. QR payment from account and card * To register on Magpie all you need to have an active customer account or an active debit/credit card with BASIC Bank.